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Author Topic: Fee for 420,000th block  (Read 524 times)
tobacco123
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June 26, 2016, 12:55:08 PM
 #1

The coming reward halving is a historical moment, so I am thinking of sending some bitcoin to a charity organization and have the transaction recorded in the very first block after or very last block before the reward halving happens...

What is the recommended fee for my transaction, so as to increase the priority and have a higher chance of achieving that?

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franky1
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June 26, 2016, 01:00:22 PM
 #2

no one can predict the price of a fee in an hours time. let alone over a weeks time..

all you can know for sure is that it will be more than usual because many people will be wanting to do the same thing

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June 26, 2016, 01:10:37 PM
 #3

lol @Franky, I like your new tactics: spouting dry, boring facts that no-one can argue with, in some vain (and I mean seriously egotistically vain) attempt to get some credibility

Franky's next post:

Quote from: FrankyD1nce
Grass is green, the sky is blue.

So, 2MB2MB2MB, yeah everyone? Smiley

Vires in numeris
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June 26, 2016, 01:13:22 PM
 #4

The coming reward halving is a historical moment, so I am thinking of sending some bitcoin to a charity organization and have the transaction recorded in the very first block after or very last block before the reward halving happens...

What is the recommended fee for my transaction, so as to increase the priority and have a higher chance of achieving that?

There is def going to be an increase in the number of people trying to get a transaction into that block, i would say its gona be a good block to mine with a great fee.  pay as big a fee as you can afford
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June 26, 2016, 01:45:31 PM
 #5

There already was a thread about it that I remember recently. People are 'too-hyped' about the halving and need to come back down to Earth. Whether or not your TX gets included within that block is no big deal. As far as fees are concerned, it is practically impossible to tell you what the exact 'satoshis/byte' range for that block. We might be able to provide a 'decent' estimate when we are only a few blocks away from 420 000.

pay as big a fee as you can afford
How about you don't waste your money on something like this? That's the preferred strategy.

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The sky is blue?

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Carlton Banks
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June 26, 2016, 03:19:32 PM
 #6

Well, the atmosphere is blue. When viewed from within the position of the Earth's atmosphere. When it's sunny. Don't tell Franky, he'll probably start grumbling and whinging about how the sky's subjective colour is actually all just Blockstream manufactured chemtrails, lol

Vires in numeris
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June 26, 2016, 03:24:29 PM
 #7

I'm pretty sure many are fighting over that slot of transaction recorded at the very last block before halving or the first block after the halving. Fees aren't the only factor that you need to consider, there is also the size, the age of the coins, etc. I don't really know them all.

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franky1
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June 26, 2016, 03:25:52 PM
 #8

carlton, go play with your monero, its getting obvious you dont like bitcoin.

I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
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June 26, 2016, 03:56:21 PM
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carlton, go play with your monero, its getting obvious you dont like bitcoin.


Awwwww, it was a joke Franky, tell your face, lol. You are allowed to make your own jokes you know, nothing's stopping you. Well, nothing except your innate lack of wit.

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MingLee
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June 26, 2016, 04:05:58 PM
 #10

So, are there any advantage if your transaction is included at 420,000th block?
What really matter is what fee should we use to get fast confirmation or when will we get bigger block size Roll Eyes
Well a bigger block size should allow for more transactions per block, so if anything the fees should go down and a lot more of the low-fee transactions should be confirmed. Now I'm not an expert when it comes to how high fees should be for different block sizes, and I'm not very knowledgeable as to the current fees that allow for quick transactions, but it seems more like smaller fees due to a larger volume being able to be processed would be better.
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June 26, 2016, 05:46:34 PM
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So, are there any advantage if your transaction is included at 420,000th block?
What really matter is what fee should we use to get fast confirmation or when will we get bigger block size Roll Eyes
Well a bigger block size should allow for more transactions per block, so if anything the fees should go down and a lot more of the low-fee transactions should be confirmed. Now I'm not an expert when it comes to how high fees should be for different block sizes, and I'm not very knowledgeable as to the current fees that allow for quick transactions, but it seems more like smaller fees due to a larger volume being able to be processed would be better.

there wont be any "bigger blocks" or even any "segregated" blocks(also bigger).. any time soon.

I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
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June 26, 2016, 05:47:24 PM
 #12

I'm pretty sure many are fighting over that slot of transaction recorded at the very last block before halving or the first block after the halving. Fees aren't the only factor that you need to consider, there is also the size, the age of the coins, etc. I don't really know them all.
The transaction size is considered when we are talking about a fee in the satoshis/byte range. I'm pretty sure that in this case the fees are going to have the main role.

Well a bigger block size should allow for more transactions per block, so if anything the fees should go down and a lot more of the low-fee transactions should be confirmed.
I have no idea why you would bring this up right now. There is no chance for that block to be bigger than the limit which is 1 MB. A decent factor is played by the size of the transactions that are going to included in that block (e.g. it could be <1000 TX's or it could be >2000), but there is no way of telling which one is going to happen.

Now I'm not an expert when it comes to how high fees should be for different block sizes, and I'm not very knowledgeable as to the current fees that allow for quick transactions, but it seems more like smaller fees due to a larger volume being able to be processed would be better.
You're stating that 'smaller fees are being processed because of larger volume'? This doesn't even make sense.

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June 26, 2016, 05:58:20 PM
 #13

i saw in a chart that the correct fee is around 70 satoshi per kb, so around 18k satoshi in total, but with all the delay today i'm payng up to 50k to be sure to be amid those with the highest priority, one thign is true with the current fee miners are earning a lot lol
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June 26, 2016, 06:27:44 PM
 #14

i saw in a chart that the correct fee is around 70 satoshi per kb, so around 18k satoshi in total, but with all the delay today i'm payng up to 50k to be sure to be amid those with the highest priority

There's no "correct" fee, that's the fee to get included in less than X number of blocks. You could pay less, if you wanted to wait for longer for the tx to clear.

one thign is true with the current fee miners are earning a lot lol

Not really. More than they were last year, but the typical amount of fees miners collect per block is about the same it was over the 2013 & 2014 peaks, and I think it's right that when you look at a graph of BTC fees, the average now is a little lower than those periods. Miners are getting ~0.3 - 0.6 BTC per block in fees right now, not really any different to 2013-14.

Vires in numeris
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